Around 37,000 customers have applied to withdraw their deposits from Sammilito Islami Bank within two days of the application process opening, with requests totaling approximately Tk 2,400 crore.
According to bank sources, around 18,000 applications were submitted on Tuesday and another 19,000 on Wednesday. The bank plans to start returning customers’ deposits from Monday after completing verification of the applications.
Sammilito Islami Bank was formed through the merger of Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank. Individual depositors of the four merged banks are now being allowed to withdraw their deposits under a Bangladesh Bank-backed arrangement.
Bangladesh Bank will provide liquidity support for the deposit repayment process, with Tk 25,000 crore initially allocated for the purpose. The assistance may be increased later if necessary.
Bank officials said customers must submit applications at their respective branches or sub-branches. The entire process may take up to 10 working days, depending on verification.
Under Bangladesh Bank’s instructions, individual depositors can withdraw funds from current and savings accounts as well as the principal amount of fixed deposits.
However, customers will not be able to withdraw profit earned or payable on their deposits immediately. Once a customer withdraws the principal amount, the deposit will be considered fully and finally settled.
If a customer has any outstanding loan or other liability with one of the merged banks, the amount due will be adjusted against the deposit before repayment.
Customers who choose not to withdraw their deposits immediately can keep their accounts active and continue to earn profit at the applicable contractual rate. However, if a fixed deposit is withdrawn before maturity, the customer will receive the principal but will not receive profit on that amount.
If a customer withdraws only part of a deposit, the remaining balance will continue to earn profit according to the applicable rules.
Kazi Shairul Hasan, chairman of Sammilito Islami Bank, said the bank had held discussions with Bangladesh Bank regarding the repayment of customers’ deposits.
He said customers’ principal amounts would be returned after verification of their applications, while those who keep their accounts active would receive returns according to their agreements.
The chairman also said no amount would be deducted from Mudaraba and current accounts and that the entire deposit repayment process would follow Bangladesh Bank’s instructions.
